BREAKING NEWS: Fugitive billionaire Nirav Modi arrested in London; to be produced in court

Nirav Modi is wanted by Indian authorities in the Rs 13,500 crore PNB fraud case.

Nirva Modi during the inauguration of Nirav Modi Jewellry shop in Mumbai on March 14, 2015.IANS

Diamantaire Nirav Modi, who is wanted in the $2 billion PNB fraud case, was arrested in London on Tuesday. The 48-year-old was reportedly staying in the United Kingdom since February 2018. He is expected to be produced at London's Westminster Magistrates Court on Wednesday at 3.30 pm (IST).

Modi was arrested at the Holborn area of central London.

A court in London had earlier issued an arrest warrant against Modi. The court was responding to a request raised by the Enforcement Directorate for his extradition from the UK. After an arrest warrant against him was issued, Modi had applied for leave to appeal against his extradition.

According to reports, Nirav Modi had entered the UK on a golden visa. This visa is issued for those outside the UK who promise to invest at least 2 billion pounds in the country within a span of five years in exchange for permanent residency.

The development comes days after Telegraph UK released a video revealing Nirav Modi's whereabouts. In the video, the fugitive businessman was seen roaming on the streets of London sporting a handle-bar moustache and a jacket by Ostrich Hide, which costs around £10,000. As per the media reports, Nirav Modi arrived in London in February 2018 and even managed to travel in and out of the country at least four times despite his passport being cancelled by India.